Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change.
The company has made a pledge to be carbon neutral in 2021 through the reduction of greenhouse gas emissions in its own operations and the purchase of verifiable offsets, whilst also committing to reduce its carbon emissions by 15% below 2019 levels by the year 2025.
The specifics of these commitments will be set out in greater detail in the company’s upcoming 2020 ESG report in March.
In 2020 Marsh’s Global Power & Energy Group launched the first integrated global renewable industry practice in insurance broking.
Marsh is also helping clients measure and manage the risks to their assets and operations from hurricanes, floods and other natural perils in a changing climate.
Oliver Wyman’s climate and sustainability experts work with clients across a range of sectors such as financial services, energy and transportation, to reimagine end-to-end supply chains, de-carbonise business models, and integrate new technologies to support the transition to a low carbon economy.
Mercer was recently ranked as one of the highest responsible investment consultants has led the way in quantifying climate risks in investment portfolios for institutional clients. It also provides climate analytics and advice for institutional investors who want to transition to a 1.5°C scenario of global warming as outlined in the Paris Agreement.
Guy Carpenter helps insurers quantify the impact of natural catastrophe risk and respond to new regulatory climate stress tests. As the frequency and severity of natural catastrophes increase, Guy Carpenter’s experts work with clients to anticipate and mitigate climate threats in particularly high-risk areas.
Marsh & McLennan commented on its announcement: “At Marsh & McLennan, we recognise the opportunity, and indeed the obligation, that we have to be good stewards of the environment. We are committed to the principle of responsible capitalism.
“These climate initiatives represent a tangible step toward building a more sustainable environment for our colleagues, clients, shareholders and future generations.”